# RWA — X 热门讨论 (2026-09-24 19:57 UTC)
## @MATHEW_KINZY (MATK!NG`$™ 👑 ♣️) · 09-24 19:15 · ♥74 ↻0 💬20 I think Brickken quietly answered two different RWA problems this week.
You tokenize an asset. Now what?
╰┈➤ Can markets price it?
╰┈➤ Can they assess its risk?
╰┈➤ Can it settle quickly enough to be useful as collateral?
Brickken recently partnered with @redstone_defi to solve that aspect. Eligible assets get a path toward price/NAV feeds, @CredoraNetwork risk ratings and T+0 settlement infrastructure.
Now the Second problem: What happens when that same asset needs to move between custodians, registrars, institutions and eventually AI agents running different systems?
That requires standards. So @Brickken partnered with @lfdecentralized to contribute its work around asset interfaces, verifiable claims and delegated authority to a broader open community.
Put the two together and the direction becomes clearer:
➘ Issue the asset → make it understandable → make it usable → make it interoperable.
RWA is slowly moving past “look, we put an asset onchain.”
Now the infrastructure around the asset is becoming the interesting part. https://x.com/MATHEW_KINZY/status/2103201568052908345
## @stitchdegen (Stitch) · 09-24 18:39 · ♥54 ↻11 💬16 And another token I want to talk about today is $SEND on ETH
Over the past few days, I’ve started seeing Sender show up more and more on the timeline, especially after $SEND made a strong move and $CONDO became the first notable runner from the pad
I spent some time digging deeper into how Sender actually works, and I think this one is pretty interesting
But first, there’s one thing we need to understand :
I don’t see $SEND as just another meme. This is basically a bet on whether Sender can grow into a meaningful launchpad on Ethereum
1. What is Sender actually building?
Sender is a launchpad on Ethereum mainnet built around Uniswap V4
Tokens launched there have a fixed 1B supply, no additional minting, and liquidity is locked from the beginning
The part that caught my attention the most is the pairing system
Instead of forcing every meme to pair with ETH, Sender allows tokens to pair with ETH or assets from its allowlist, including PEPE, MOG, SHIB, and more importantly, tokenized stocks/RWA assets such as ONDO, Tesla, Apple, or NVIDIA
This is where I started getting some StonkFun vibes
The market has already shown that degens like the idea of combining memes with stocks/RWA. Sender is basically trying to bring that same narrative to Ethereum while building directly around Uniswap V4
The first few blocks after launch are also handled differently
The creator gets priority in the first block if there is a dev buy, while position and buy-size limits gradually open up over the following blocks
It doesn’t completely eliminate sniping, but at least the launch isn’t fully open from block one
2. How does $SEND capture value?
This is the part I care about the most
Every swap on Sender has a 1% fee
The split is :
70% goes to the creator, or holders if the creator enables fee sharing
24% goes toward burning $SEND
6% goes to the protocol
There is also a 0.002 ETH fee for every token launch
By default, 50% of that launch fee goes to the burn allocation and 50% goes to the protocol. The contract allows the burn percentage to be increased, but it cannot be reduced below 50%
So the $SEND thesis is actually pretty simple :
More volume on the pad means more fees. More fees means more value flowing into the mechanism that buys and burns $SEND
$SEND also has no emissions, no staking, no treasury unlocks, and no additional minting
So I don’t think we need to overcomplicate its utility
Betting on $SEND is basically betting on Sender’s activity
3. But don’t confuse this with holder rewards
This is where I think a lot of people get confused
Holding $SEND does not mean you receive ETH, ONDO, or tokenized stocks
There is no staking yield, dividend, or direct claim on protocol revenue for $SEND holders
The benefit for $SEND holders is indirect through deflation :
Pad volume increases
Fees increase
$SEND gets bought and burned
Circulating supply decreases
The paired-asset reward mechanism applies to tokens launched on Sender, not $SEND itself
When a creator launches a token, they can enable fee sharing from the start
For example, a token paired with ONDO can distribute ONDO to holders. An ETH pair can distribute ETH. A token paired with tokenized AAPL can distribute that paired asset
And once fee sharing is enabled at launch, the creator cannot switch it off later
So in simple terms :
$SEND is a bet on the entire platform
A launched token with fee sharing is a bet on that specific token’s volume
Those are two completely different theses
4. $CONDO is the most important part for me
If $SEND were the only token pumping, I wouldn’t rate this narrative as highly as I do right now
What made me pay more attention was $CONDO
At the time of my research, $CONDO was sitting around a $1.7M to $2.3M MC and had already generated significant volume with its ONDO pair
I care less about the fact that it ran thousands of percent and more about what it proved :
Meme x RWA on Sender can actually attract traders
Right now, $CONDO is the first real proof of concept for this narrative
And this is probably the catalyst I’ll be watching the closest
If we start seeing another ONDO, NVDA, AAPL, or TSLA pair hold $500K to $1M+ MC with real volume for several days, then Sender starts proving that it can create an actual meta
If $CONDO runs and everything after it dies, then I would look at the $SEND thesis very differently
5. What do the current numbers tell us?
At the time I’m writing this, the numbers I collected for Sender are roughly :
Total volume around $18M to $21M
24h volume around $3M
Around 160 creators
Roughly 300 to 450 tokens depending on the source/index
Around $100K in cumulative creator fees
For such a new platform, those numbers are interesting
But you need to look deeper
A large part of the current volume is concentrated in $SEND and $CONDO. These two markets are carrying most of the activity on the pad
Meanwhile, very few tokens have managed to maintain a meaningful market cap
So I wouldn’t call Sender a runner factory yet
So far, it has only proven that people are using the product and the narrative can work
Whether it can scale is still an open question
6. Sender vs StonkFun
This is probably the easiest comparison
StonkFun has already proven there is demand for memes paired with stocks/RWA on Solana. It has produced multiple large runners, has a much broader quote catalog, and operates at a completely different scale
Sender is trying something similar on Ethereum, but with Uniswap V4
What I like is that Sender isn’t simply copying the exact model
Tokens trade on Uniswap V4 from the beginning, with liquidity locked from launch. “Graduation” is basically a pool threshold rather than a bonding curve finishing and then migrating to another DEX
So I would describe Sender as :
A very early Ethereum version of the StonkFun thesis
Not the second StonkFun yet
Right now, we have proof of concept, but we don’t have a catalog of runners
And the difference in scale is still huge
7. What does $SEND need to keep running?
I don’t think $SEND needs another burn announcement
The burn mechanism already exists
What Sender needs now is breadth
First, $CONDO needs to stay alive
It doesn’t need to keep pumping every day, but it needs to maintain liquidity, volume, and attention
Second, Sender needs a second and third runner
I especially want to see ONDO, NVDA, AAPL, or TSLA pairs maintain relatively meaningful market caps for several days instead of pumping for a few hours and disappearing
Third, volume outside $SEND needs to grow
If the pad continues doing $3M+ daily volume but that volume gradually spreads across more tokens, the thesis becomes much stronger
If you remove $SEND and $CONDO and almost nothing else is trading, then the ecosystem is still extremely fragile
And finally, creator fees
Around $100K lifetime is a decent signal for such a young pad, but if this number starts growing consistently week after week, that would show creators actually have an incentive to keep launching there
8. The levels I’m watching
At around $7.5M to $12M MC, I don’t like chasing after such a strong move
The first area I’d start watching is around $5M to $7M
The $3M to $5M range becomes more interesting to me if $CONDO is still alive, pad volume remains healthy, and new runners start appearing
But keep in mind :
These are observation zones, not hard support levels
If $SEND loses roughly $3M MC while pad volume simultaneously falls below $500K to $1M per day for several days, I would reassess the entire thesis
Liquidity is still relatively thin, so a deep wick does not automatically mean support or a “sale”
With this type of chart, one large order can create a huge move in either direction
9. What about the risks?
The biggest risk for me isn’t whether the burn mechanism works
The biggest risk is that Sender simply fails to scale
Launching a few hundred tokens isn’t difficult
Producing one $CONDO isn’t enough either
The difficult part is producing a second, third, and eventually tenth $CONDO so degens actually keep their liquidity on the platform
Ethereum gas is another obvious disadvantage compared with Solana for this kind of high-frequency degen trading
Another risk worth paying attention to is creator concentration
Creators can buy aggressively when the pool opens. Under certain conditions, a relatively small amount of ETH can result in a very concentrated supply
So a clean launch structure doesn’t automatically mean every token has clean distribution
I would still check dev buys, top holders, and concentration for every token just like usual
Smart contract risk, thin liquidity, and whether the buyback mechanism is actually being executed on-chain are also things I’d monitor instead of relying purely on announcements
10. How I’m looking at $SEND
I think $SEND is an interesting bet at this stage
Not because the token has already pumped
But because the market has already proven there is demand for meme x tokenized stocks/RWA on Solana, while Sender is now trying to bring that same meta to Ethereum through Uniswap V4
$CONDO gives us the first proof of concept that this narrative can work
But one runner still isn’t enough to say the pad has won
From here, I’m not just watching the $SEND chart
I’m watching total pad volume, volume outside $SEND, whether $CONDO can survive, when the second runner appears, creator fees, and activity across the RWA pairs
If all of those start expanding together, the $SEND thesis becomes much stronger because platform activity directly feeds into its deflation mechanism
But if a few weeks from now $SEND and $CONDO are still carrying almost all of the volume, I’ll lower my expectations
In short, I see $SEND as a bet that Sender can become a very early StonkFun-style platform on Ethereum. The narrative fits the current market, the value-capture mechanism is easy to understand, and we already have the first proof of concept. But for the next leg, Sender needs real runners and real volume, not more hype
I’m not chasing the current range. $5M to $7M is where I start watching, while $3M to $5M becomes much more interesting if pad activity remains healthy. If it loses $3M while pad volume dies at the same time, then the thesis is no longer the same
0x47ACCD13264D8F954105256FaaC8376ce6A55999 > 引用 @stitchdegen: Quite a few people have been asking me about $SI and wanted me to break it down and give my thoughts on it
So let’s get into it
Most degens probably already know what narrative $SI is playing, so I won’t go through the entire story from scratch. What I want to look at is why, out of all the tokens trying to ride the SI narrative, this one managed to run from low cap to nearly $12M, what makes it different from the rest of the StonkFun tokens, and most importantly, whether the narrative still has enough catalysts for another leg
1. $SI launched at almost the perfect time
The story itself is pretty simple
During Trump’s UN General Assembly speech on September 22, he used the term “Super Intelligence” instead of “Artificial Intelligence”
SI immediately became an easy ticker for the market to latch onto
If the story had ended with one Trump quote, I probably would have treated $SI like any other political meme. It pumps on the news, attention fades, and liquidity rotates into the next narrative
But the interesting part is that the story didn’t die after the speech
Afterward, the Bureau of International Organization Affairs within the State Department issued internal guidance to use “Super Intelligence” instead of “Artificial Intelligence” in the bureau’s communications
To be clear, this does not mean the entire State Department or the entire US government has officially adopted the terminology
But for a meme, even seeing Trump’s wording get some follow-through outside crypto gives the market something else to speculate on
Mainstream media has also continued covering the “Super Intelligence” story, meaning SI is no longer something that only exists on CT
That’s the part I find interesting
At first, $SI was simply trading a Trump quote. Now the market is also trading the possibility that “Super Intelligence” keeps getting repeated over the next few days
2. The timing also lines up with StonkFun
I don’t think the Trump narrative alone explains the entire move
$SI appeared while StonkFun and the tokenized stock meme meta were already attracting liquidity on Solana
We’ve already seen STONK, ZCAT, GP, KNOTS, ALLINU and several other runners. The market already understands how StonkFun works, so $SI didn’t need to create a new meta
It just needed a strong enough narrative to stand out from the rest
And this is where pairing with NVDAx makes sense
Super Intelligence is directly connected to the AI narrative, while NVIDIA is probably one of the first names retail associates with AI
So Super Intelligence paired with NVDAx creates a story that is very easy to understand
Obviously, $SI is not an NVIDIA token and there is no partnership or endorsement from NVIDIA
But this is a meme narrative. The market doesn’t need a complicated fundamental connection. If someone can look at the ticker and the pair for a few seconds and immediately understand the story, the narrative becomes much easier to spread
3. This is what separates $SI from many other StonkFun tokens
StonkFun itself is no longer a new narrative
So I’m not interested in $SI simply because it launched there
The difference is how well the narrative fits the pair
A lot of StonkFun tokens basically take a meme and attach it to a stock or another asset
$SI appeared right when Super Intelligence became a real story outside crypto, then paired itself with NVDAx, which fits the AI angle naturally
So the mechanism isn’t new, but the story being plugged into that mechanism is
$SI is also much newer than many of the previous StonkFun runners, meaning there is still some FOMO and price discovery happening
I think that combination is one reason it managed to become one of the more noticeable tokens in the meta instead of pumping once and disappearing
4. But there is one obvious risk: clones
$SI isn’t the only token trying to trade this narrative
There are already multiple tokens using the same ticker or the same Super Intelligence angle across different chains
And that creates the first question any degen should ask :
Why should liquidity choose this $SI instead of another one?
I don’t think that question has been completely settled yet
This $SI currently has advantages in timing, market cap, holders, volume and its position inside the StonkFun ecosystem. But the market still needs to decide which token becomes the main liquidity sink for the narrative
If volume, holders and CT attention continue concentrating around this CA, $SI could gradually become the token people automatically associate with the SI narrative on Solana
But if attention gets fragmented across too many clones, the Super Intelligence narrative can stay hot without all of that liquidity necessarily flowing into this $SI
That’s a risk I’d watch alongside the news
5. Trump is still the main catalyst
This is the part that decides the thesis for me
Trump later continued using the term “Super Intelligence” while discussing AI ahead of his meeting with Xi Jinping
That matters because $SI doesn’t need its team to announce a roadmap or build a product
It needs the words “Super Intelligence” to keep appearing in front of retail
If Trump keeps mentioning SI publicly, or if the term starts appearing in communications from more US government bodies, the narrative could get another wave of attention very quickly
Continued mainstream media coverage would extend the life of the story as well
And if all of that happens while StonkFun still has liquidity, the setup becomes much more interesting
The downside is just as clear
If Trump stops mentioning SI, there is no further follow-through from government bodies and the media moves on to something else, the narrative premium can disappear just as quickly as it appeared
NVIDIA news, listings, KOLs or smart money coming back in could all add momentum, but I see those as secondary catalysts
The core thesis is still Super Intelligence
6. On-chain is a positive, but it isn’t the reason $SI ran
On-chain isn’t why I’m interested in $SI, but at least for now it isn’t showing too many obvious red flags
From the data I’m tracking, the dev holds close to 0%, sniper exposure is relatively low, the top 10 holders are around 15 to 20%, and the token has grown to roughly 12K holders
For a relatively new Solana meme, that distribution looks fairly reasonable
It doesn’t mean the token can’t dump, but retail is less likely to be scared away by an obviously ugly structure
That’s how I look at $SI’s on-chain
It doesn’t create the reason for price to go up
It simply removes some of the reasons liquidity might avoid the token
The real drivers are still narrative, attention and volume
7. The chart is entering a more difficult stage
$SI has already had a strong run
It expanded from low cap into the multi-million range, built a base, then pushed into the $8M to $10M area before making an ATH near $12M
Now the chart has corrected back toward the $7M to $8M area
The positive part is that after previous expansions, the market managed to hold higher structures instead of completely retracing the move
But after already reaching nearly $12M, the risk-reward is obviously very different from when $SI was sitting at $1M to $3M
Volume is also no longer moving in one direction like it was during the early phase
So from here, I’m not interested in chasing green candles. I’d rather let the market give me a cleaner setup
8. The levels I’m watching
The first area I’m watching is around $7M to $7.5M
This is the closest area where I want to see how the market reacts
If it holds, holders remain relatively stable, volume starts returning and we get another SI-related catalyst at the same time, there is still room for another wave
But I wouldn’t call this a particularly cheap area
If the correction goes deeper, $5M to $6M is much more interesting to me
That would be roughly a 50% reset from the ATH
If price reaches that area while the Super Intelligence narrative is still alive, volume hasn’t completely disappeared and holder structure remains healthy, I think the risk-reward becomes much more interesting than chasing higher
Around $4M is where I would become significantly more cautious
If $SI loses that area without any new catalyst, I’d start viewing it as the market removing a large part of the Super Intelligence premium
And if it returns to $2.5M to $3M, I wouldn’t simply call that a dip anymore
At that point, the market would have given back most of the Trump and Super Intelligence premium, leaving mainly the StonkFun plus NVDAx angle. I’d want to reassess the entire thesis
+ Final thoughts
I think $SI ran this hard because several things lined up at the right time
Trump created attention around Super Intelligence
The story then received some follow-through outside crypto instead of dying after one day
StonkFun already had liquidity
NVDAx fits the AI narrative quite naturally
The token is still relatively new, volume has been strong, and the on-chain structure currently doesn’t show too many major issues
But remember that this is still a meme
$SI is not an official token of Trump, the US government or NVIDIA, and the narrative remains heavily dependent on the news cycle
So after a run from low cap to nearly $12M, I’m not interested in chasing green candles
I’m watching $7M to $7.5M first. If we get a deeper correction, $5M to $6M becomes much more interesting as long as the narrative remains intact. If it loses $4M without a new catalyst, I become much more cautious
For me, the key question from here is no longer whether $SI has a narrative
That part is already clear
The real question is whether “Super Intelligence” keeps getting enough attention from Trump and mainstream media, while liquidity continues choosing this $SI as the main token for the narrative
If both happen, I think $SI still has fuel for another attention wave
If not, after a run from low cap to nearly $12M, I’d rather focus on managing risk than keep searching for reasons to stay bullish
DEW9dSN6QpWyNthphCpMmAbZP1Q4cEKR9xQXAri98WDP https://x.com/stitchdegen/status/2103192707992797402
## @RWA_Inc_ (RWA Inc.) · 09-24 18:05 · ♥41 ↻20 💬10 RWA Inc is LIVE with Version 2.0 of https://t.co/N5l3mXgwup — a new trading layer for tokenized equities and stocks, now including Ondo Intelligent Portfolios! from @Ondo https://t.co/N5l3mXgwup is our non-custodial interface for tokenized stocks and ETFs.
Connect a wallet, settle in stablecoins, and trade onchain. No custody of user funds. Behind one screen is a multi-supplier router that sources liquidity across venues and settlement chains.
Today we are listing @Ondo first @BlackRock -powered Intelligent Portfolios as single transferable tokens:
BLKHIon — Ondo High Income Powered by BlackRock
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These products turn professionally constructed portfolio strategies into one onchain instrument.
Eligible non-US investors in permitted jurisdictions can access them through the same wallets and rails they already use.
The platform has been rebuilt to match that standard:→ Tier-1 design and trading flow
→ Multi-chain routing (Ethereum, Base, BNB Chain, Solana) → Onchain transparency for every fill → Catalog coverage across ~600 tokenized stocks and ETFs → Ondo Global Markets assets plus the new Intelligent Portfolios in one interfaceWhat these portfolios add: → Programmatic rebalancing → DeFi composability → Multiple asset classes in a single token → Diversified allocation without a traditional brokerage wrapper.
This is how we think tokenized markets should work: institutional product quality, public-chain settlement, and a trading surface that does not get in the way.
Explore and trade Ondo Finance assets directly on https://t.co/N5l3mXgwup
Availability is limited to eligible investors in permitted jurisdictions. Additional restrictions apply.
#RWA #RWAS #tokenization #tokenize #stocks #tokenizedstocks #ONDO #Blackrock
base:0xe2b1dc2d4a3b4e59fdf0c47b71a7a86391a8b35a https://x.com/RWA_Inc_/status/2103183978698244107
## @Hyperdex_app (Hyperdex) · 09-24 18:48 · ♥42 ↻10 💬14 The future of RWAs begins. This is just a start.
Tokenized stocks, ETFs, treasuries and more.
13 issuers. 200+ assets. 50+ chains. One place. Your keys.
What’s live today
Trade & Bridge Trade and bridge tokenized assets across chains. → https://t.co/HzivDXRJgG
Explore Assets Every tokenized asset. Every issuer. → https://t.co/bTPFmR2adK
RWA Baskets 32 automated portfolios. One click. → https://t.co/W4DkPRIyX1
Lending & Borrowing Lend, borrow and multiply against tokenized assets. → https://t.co/O9ROL8HfiC
Tokenized Pools Access and participate in tokenized liquidity pools. → https://t.co/Hk3JsH6g51
Coming next
01 - Tokenized Index Funds Launch a token backed by a real basket of stocks, indices, commodities and more. Backed by issuers. Redeemable 1:1. Always.
Currently in final testing. 02 — $HYDX Rewards Hold $HYDX and earn rewards.
More details soon. Platform fees from all products on the platform will be used for $HYDX buybacks and burns.
Tokenized assets were never closed on-chain. Now they never will! https://x.com/Hyperdex_app/status/2103194859687576055
## @vikt0ny (𝐕𝐢𝐤𝐭𝐨𝐧𝐲🎒) · 09-24 19:00 · ♥43 ↻1 💬16 Injective just entered its next phase.
The Meridian Mainnet Upgrade is officially LIVE, bringing a major set of changes to the network.
Meridian expands @injective's infrastructure for:
→ Regulated tokenized RWAs → Unified RWA perpetual markets → Private RFQ transaction testing → Stronger execution, oracle and risk infrastructure
And this is only part of the bigger picture.
Meridian also lays the groundwork for CypherOS, Injective’s native privacy platform, opening the door to more private financial activity onchain.
What stands out to me is how these pieces are starting to connect.
Issuance. Trading. Settlement. Privacy.
All moving toward the same onchain financial infrastructure.
A new chapter for Injective starts here. https://x.com/vikt0ny/status/2103197823399579714